Quick facts: Hammond, IL

Quick Facts

102.4
Cost of Living
above US average
503
Population
1105.37
Crime Rate per 1000
above US average
$72,292
Median Income
below US average
$189,900
Median House Price
above US average
$1707
Average Rent
above US average
15%
Poverty Rate
above US average
5.0%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $72,292.

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Income Needed to Buy

βœ“ Affordable
$60k/year
Based on $189,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($72,292) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$73k/year
Based on $1707/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $73k vs median $72,292
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Hammond, IL

Hammond, Indiana, is a vibrant city located just southeast of Chicago, Illinois. It is part of the Chicago metropolitan area and is well-known for its rich history and diverse community. Established in 1884, Hammond has a unique blend of industrial heritage and suburban charm. The city offers various recreational opportunities, with parks such as Wolf Lake Memorial Park and the Hammond Marina providing scenic views and outdoor activities. Hammond is also home to the Horseshoe Casino, a popular destination for entertainment and nightlife. Culturally, the city boasts attractions like the John S. McHugh Park and the Midwest Museum of American Art, showcasing local talent and history. The city is served by several school districts and has a commitment to education with institutions like Calumet College of St. Joseph. Hammond is well-connected by road and rail, making it an accessible destination for residents and visitors alike. Its proximity to Chicago allows easy access to urban amenities while still enjoying a distinct local atmosphere. Overall, Hammond is an engaging community with a balance of recreational, cultural, and economic opportunities.

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